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Senator Joe Manchin is calling for either strict regulation or an outright ban on the controversial digital currency Bitcoin. He argues in a letter to the Federal Reserve [PDF], that as countries such as China ban Bitcoin, “Americans will be left holding the bag on a valueless currency”.

Bitcoin is an anonymous digital cryptocurrency that has become an increasingly popular way to buy products and transfer money online, but it makes it easier to buy black market drugs and weapons. Bitcoin’s troubles have been exacerbated by wild swings in value, as well as the theft of millions from notable Bitcoin exchange Mt.Gox.

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CrunchBase

OverviewBitcoin is a digital currency, a protocol, and open-source software and enables instant worldwide peer to peer transactions for little or no processing fees and no risk of chargebacks or fraud while being immune to seizure or confiscation.
As an open-source software it means all users have access to all of the source code all of the time. Bitcoin uses peer to peer technology to operate with no central …